Greetings lads. By the looks of it, the NASDAQ is set to open above the prior record high after a barn burner of a globex session. Wall Street seems to be pricing in progress, at least in the pre-market, and with prices at these levels there is not much I feel confident doing at the open.
The higher time frame is likely to be active on the open, either covering shorts, adding to longs, or selling to raise cash. That activity could be erratic at times, and without trading levels to work with up here, I have no way of formulating a trading edge.
Which means I’m not going to trade. There seems to be growing interest lately around why people work. This is good. Having honest conversations about why we work is important to advancing as a species. Why do you work? And this isn’t a question about getting money. Forget that. We are talking about America. Why do you work in America?
You don’t have to. The votes have spoken. We are moving in the direction of universal basic income. That means, in our first world, basic human rights will included food, shelter, education and medical care. None of these things need to be worked for. They will be accessible to all.
Working, commuting, all that stuff, can be very detrimental to one’s health. Many jobs, even ones that currently require college degrees, will be eliminated by automation. If you didn’t have to work, what would you do? Why would you do those things?
These are the types of questions all of us should be meditating on.
Progress has won. The past is the past. Nationalism is dead. We are all earthlings and we’re all going to die. What we choose to do with our brief mortal existence is important. Will it be work? To what end?
Me, I don’t work. I do toil endlessly to grow food that actually has minerals in it. Why? It helps keep my family healthy and might extend our mortal existences by a few years. Also I like how outside work makes me feel—strong and tan.
Why be strong and tan and live longer? Because that means more time to be a ski bum.
Why be a ski bum? Because it makes me feel really, really good when I push my physical limits.
Yes, I am a hedonist.
I also enjoy trading opening bell. Competing in one of the biggest arenas of speculative finance and being good at it bring me joy.
I am a hedonist.
Why do I type these blogs and do all the research stuff? Accountability to my homework makes me a better opening bell trader and I like out competing other agencies and people who possess far more resources than me.
Why?
Because fuck them. Who knows whether they achieved the higher ground through honest or deplorable means, but the laws of large numbers dictate that all things eventually return to the mean. That means the underdogs have potential to rocket higher, overshooting the mean for a bit before reaching some kind of zero gravity, then eventually too reverting to the mean. All while the institutions nervously do their best to sustain flight above the mean. These laws of nature bring me joy.
I am a hedonist.
Anyhow, I am not too proud to know when I have no edge. Today I have no edge. Therefore I will go read books, exercise, peruse the latest seed catalogs, then lean into a nice nap.
Adios.
Raul Santos, January 20th, 2021
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